Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 4,287 people, 1,964 houses or apartments, and a median cost of homes of $216,361, house prices in Franklin are solidly below the national average.
Single-family detached homes are the single most common housing type in Franklin, accounting for 63.42% of the town's housing units. Other types of housing that are prevalent in Franklin include large apartment complexes or high rise apartments ( 16.08%), duplexes, homes converted to apartments or other small apartment buildings ( 10.55%), and a few mobile homes or trailers ( 8.04%).
The most prevalent building size and type in Franklin are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 56.68% owning and 43.32% renting.
There is a lot of housing in Franklin built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Franklin built between 2000 and later ( 19.54%). A lesser amount of the housing stock also hails from between 1940-1969 ( 16.08%). There's also some housing in Franklin built before 1939 ( 9.38%).
Vacant housing appears to be an issue in Franklin. Fully 15.09% of the housing stock is classified as vacant. Left unchecked, vacant Franklin homes and apartments can be a drag on the real estate market, holding Franklin real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Appreciation rates for homes in Franklin have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 89.27%, which ranks in the top 50% nationwide. This equates to an annual average Franklin house appreciation rate of 6.59%.
Appreciation rates are so strong in Franklin that despite a nationwide downturn in the housing market, Franklin real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Franklin appreciation rates continue to be some of the highest in America, at 7.33%, which is higher than appreciation rates in 77.09% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Franklin. Franklin appreciation rates in the latest quarter were at 1.41%, which equates to an annual appreciation rate of 5.77%.
Relative to North Carolina, our data show that Franklin's latest annual appreciation rate is lower than 50% of the other cities and towns in North Carolina.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Franklin differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Franklin - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Franklin real estate investment or home purchase decisions.
$216,361
for North carolina
for nation
1,964
$1,260 / per month